Cardano’s On-Chain Reports Hints Bulls Are Back? What’s Next For ADA Price

After a long period of bearishness, the market has retreated. The gains in the recovery period have been amazing, with almost every currency in the top ten improving significantly.

ADA Price Action 

Cardano has also incurred losses in recent months as a result of the market’s continued downward trend. It had been affected by the alteration, and it had lost a large amount of weight. With the revival of the crypto market, it has also begun to revive. It has risen 12.09% in the last 24 hours.

ADA Price is currently trading around $0.9677. In comparison, the last 24 hours’ trading volume was $32,672,017,004. Cardano’s market capitalization has also increased, reaching $1,880,179,589.

Cardano Exceeds Ethereum’s On-Chain Activity!

In 2022, the Cardano network had much more developer activity than Ethereum. A higher number of Github commits has historically fueled an optimistic sentiment among users. Cardano, the Ethereum killer, is seeing an increase in commits, indicating a change in demand from the second-largest altcoin to ADA.

The Sundae Swap is growing!

SundaeSwap, on the other hand, is moving on, having laid out a plan to become a completely decentralized platform through community governance. This comes only days after the decentralization of Cardano’s native cryptocurrency, ADA, was harmed by its Initial Stake Pool Offering.

The exchange announced plans to pass over protocol management to the community in a blog post on February 28th, emphasizing the need of this structure for complete decentralization. It noted,

“Community guidance through smart contract-controlled voting and governance is a core step in creating an ownerless marketplace facilitating direct, trustless engagement between community members.”

However, it did reveal that the plan towards complete community governance might be a long way off, due to Cardano’s current transaction size parameters.

This is because the governance capabilities in SundaeSwap protocol’s smart contracts require transactions larger than 16kb, which are currently not available on the network.

However, the exchange noted that it is hopeful that once the Babbage HFC upgrades are implemented by IOG later in 2022, full smart contract-controlled governance could be implemented.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.